Crude oil prices extended their gains during Monday trading sessions, driven by deepening concerns regarding long-term energy supply disruptions in the Middle East. The escalation follows a series of reciprocal strikes between the United States and Iran, which have directly targeted commercial vessels and oil tankers navigating the strategic Strait of Hormuz and adjacent waters.<\/p>\n
Futures contracts for Brent crude rose by 52 cents, or 0.54 percent, reaching $96.80 per barrel by 23:54 GMT. Meanwhile, West Texas Intermediate crude advanced by 66 cents, or 0.72 percent, to settle at $92.14 per barrel. These recent increases cap a robust week for oil markets, where Brent surged 7.8 percent and WTI climbed approximately 10 percent.<\/p>\n
The price volatility stems from resumed hostilities that have significantly reduced oil flows through the Strait of Hormuz, a critical chokepoint previously handling roughly one-fifth of global oil supplies. US Central Command reported that American forces targeted three Iranian oil tankers on Saturday, including one near Kharg Island, a major Iranian export hub. Conversely, Iran\u2019s Islamic Revolutionary Guard Corps Navy claimed it struck three unauthorized tankers and three US vessels in various locations.<\/p>\n
Marex Intelligence described these Saturday attacks as a significant escalation in maritime conflict, noting that commercial tankers are now being deliberately used as tools for mutual economic pressure. The firm highlighted that these developments have severely blurred the distinction between military confrontation and commercial shipping traffic. Data from Kpler analysis shows that the average number of bulk cargo ships crossing the strait over the past ten days dropped to approximately ten daily, marking the lowest level since May.<\/p>\n
Iranian National Security Council Secretary Mohsen Rezaei announced on Sunday that Tehran will declare a restricted zone outside the Strait of Hormuz in the coming days. Despite these tensions, OPEC+ maintained its production policy unchanged for October, stating that members must first agree on new quotas before deciding on future steps. Analysts at ANZ predict that sustained confrontations could delay the return of Middle Eastern oil exports to normal levels until late 2027, suggesting supply constraints will persist well beyond the immediate military clashes.<\/p>\n
This story was produced in the newsroom from the disclosed sources named above.<\/em><\/p>\n